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At a campaign rally in Arizona almost exactly two years ago, Donald Trump promised that interest rates on home mortgages would fall if he was again elected president.
“Today the mortgage rates are at 10 percent, 11 percent, 12 percent,” Trump said at the rally, incorrectly inflating rates that were around 7 percent at the time. “We will drive down the rate so you will be able to pay 2 percent again, and we will be able to finance or refinance your homes drastically at much lower costs.”
Not only has Trump failed to lower rates, but those rates will now almost surely continue to rise higher than the 7 percent Trump complained about in 2024. That’s because Treasury yields recently touched numbers not seen since just before the 2008 financial crash, and the Federal Reserve raised interest rates last week in an attempt to lower inflation that is ravaging Americans’ day-to-day finances. On Thursday, mortgage rates topped 7% for the first time in a year.
Both developments will result — at least temporarily — in mortgage and other interest rates for loans on things like credit cards and cars to continue to rise.
Just weeks out from midterm elections that are shaping up to be a bloodbath for Republicans, Trump and his minions are resorting to blaming Biden at each and every opportunity for the fact most Americans are deeply dissatisfied with the economy.
But the fact of the matter is Trump has no one to blame but himself.
